Brooklyn, like the rest of the country, heads into the midterm elections amid voter anger and dissatisfaction with the ailing economy. The Brooklyn Ink looked at the numbers, and talked with the residents to see how statistics figure into their discontent.
We looked at the money going into Brooklyn residents’ pockets. Are we poorer than we were three years ago? Are our houses worth less? Is it more expensive than before to raise our children?
We learned that the unemployment rate in Brooklyn is 10 percent, higher than the national average of 9.6 percent. Almost 40 percent of Brooklyn residents are receiving some kind of government income support, such as food stamps and unemployment benefits, up from 23.5 percent in 2000.
Public transportation will cost more starting Dec. 30, with a single-ride MTA ticket going up to $2.50 and a 30-day pass to $104, up from the present $89. The Northeast estimate for raising a child from birth until 17 years of age is $191,490, up from $149,700 in 2005. The national estimate is $160,410, up from $139,110 in 2005.
When it comes to the health of the housing market, location is the defining factor. The properties dominating the market in Williamsburg and Greenpoint are new and relatively luxurious. While western and southern Brooklyn have seen a steady increase in sales and prices, neighborhoods east of Flatbush Avenue, such as Crown Heights and East New York, are still dealing with foreclosures and dropping home values. There are 654 homes in the pre-foreclosure, auction or bank-owned stages of the foreclosure process in Bedford-Stuyvesant.
Read Part I “Out of Pocket” to see how much money Brooklyn residents make and spend.
Read Part II “Housing in Brooklyn is All About Location” to know how the housing market has fared since the housing bubble burst.
Read Part III “Growing Up Ain’t Cheap” to find out about the cost of raising and educating a child in Brooklyn.